I have a five year old daughter and while she does help me around the house (she loves to, actually) and she is pretty awesome about cleaning her toys and things up when she is done with them (sometimes with a little reminder). However, after seeing an article titled, “Should you give your Child an Allowance,” on usnews.com, I feel like it is time (maybe even past time) that I get her started with set chores and an allowance to top it off.
Even though kids take care of cleaning up their own toys and messes, it is important to start them out with set chores, or jobs, to earn an allowance at an early age. Starting them out young teaches them more about responsibility – the responsibility of having to work for things that you want or need. Now I am not in any way saying that you should completely stop buying your children things and make them work to earn every single thing that they want, but it wouldn’t hurt to say, “no” to buying a certain toy or treat now and then. That leaves the door open for teaching your children about working to earn money to save and to buy things.
Speaking of working to save, you may want to help your child make (or buy, if you wish) 2 separate jars/boxes or “banks” for saving money (or you could simply buy piggy banks) – one would be a save to spend jar and the other would be a save for the future jar. It’s never to early to start teaching them to save for the future! Starting them young will help instill good habits in them for when saving money is very important later in life, like when they need to save up a lot of money for a car or the down payment on a house! Think about how good it will feel when your son or daughter has worked hard to save enough money to buy their family a home and you can think back to how the responsibility necessary to do so came from your early life lessons in finance.
When I was a child, I think I recall getting $2.00 a week for a while and eventually getting $5.00 a week. Times have changed of course and from talking to friends and reading various articles online, it seems as though the norm today is that children receive an allowance anywhere from $5.00 to $20.00 a week! Most people can agree that children should start off lower and work their way up to getting a higher allowance as they get older and as they can take on bigger responsibilities, but $20.00 a week?! Wow!
Of course, there is no right or wrong answer here as different things work for different parents/children, but your input and opinions are welcomed as I make my decision on what to do about allowance and chores for my 5 year old daughter.
What do you think is a good amount of allowance for a child to get at age 5, 10, and 15?
Do you think children should even receive an allowance once they are old enough to get a J-O-B, or should parents cut off allowance and urge them to get a job?
Also, what kid of chores would you give to children at different ages?